The Norwegian business of Sweden’s NCC has entered into an agreement to acquire OKK Entreprenör.

OKK’s core operations focus on the construction of housing units and commercial properties. OKK operates in Oslo and in the Drammen region southwest of Oslo in Norway. It generates annual sales of approximately SEK1bn (£91m) and has 350 employees.

The acquisition of OKK is in line with NCC’s growth strategy in Norway. NCC is already active in the Oslo region and aims to strengthen this position.

“The development resulting from the high rate of population growth caused by urbanisation and the overall need for additional housing units in Norway are factors contributing to the strong growth expected in both Oslo and the Drammen region,” said NCC CEO Peter Wågström.

The acquisition of OKK is designed to provide NCC with a stronger geographic base and create the necessary conditions for future growth in Oslo and Buskerud. The acquisition will also complement NCC’s existing operations in residential production, renovation and building services.

The acquisition is contingent on the approval of the Norwegian competition authority and is subject to various conditions that must be fulfilled before the transaction can be completed.